THE CHARLNTF. GROUP BENTr:VOLENT FUND FINANCIAL STATb.MENTSi .31 DECEMBER 2023 Registered Ch&rity No: 207151
THE CHAREIYTE GROUP BENEVOLENT FUND FINANCIAL STATEMENTS for the year ended 31 December 2112.3 Contcnts Page L¢gFal and admini8trativc dctails Trustees, annual rcport Sialen]ent ofTrustces' resw)nsibilities Independent examiner's report St<ltement of fii)ancial aclivitics Statemenl of financial position Noics
THE CHARENTE GROUP BLNEVOLENT FUND LEGAL AND ADMINISTRATIVE DETAILS TRUSTEES, ANNUAL REPORT Re%is¢ered Charity Number: 207151 Legal status Tlic Benevolent bund was cstablishcd by a trust deed daled 2 July 1951 Trusteeq: R A Pilkin¥lon DCD1cly Sir T H M S Pilkington Chief Executive Officer: DJ Iloarc Address: -12 Judg7cs Drive Livctpool L6 7UB Independent Examiner: RSM UK Tax and Ac¢ounlin¥ Litnitcd Chdrtcrcd Accounlanls Davidson I Iciusc, Porbury Square, Readinb.. Bcrksliire RGI 3EU Investmont Advisors: Fvclyn Kciyal Liver Buildin¥ Picr Head Livetpool L3 INY Bankers: National Westininster Bank plc 2 - 8 Chur¢h Strcct Liverpool LI 3BG
THE CHARENTE GROUP BENEVOLEIYT FUND TRUSTEES, ANNUAL REPORT 31 DECEMBER 2023 Thc Trustces prcscnt tl)cir rcport and the audited accounts for thc year cndcd J I tkLemb¢r 2023. Structurey %overn8nce and management The Charity is an uninLorporatcd cliarity. constitulcd under a trust decd atllcnded 4 September 2019 and is a regFistered chariiy, number 207151. 'fh¢ principal plac¢ ol. busin¢s8 is 32 JudbTe% Drive, Livcrpool. 1.6 7UB. I'he charity was establishcd as the H<irrison Line Benevolent Fund to apply thc incotnc of the F'und to make paymcnls to ncccssitOUS <2nd deserving person8 who are, or have been, in the einployincnl of Tlie Charente Stcaii)-Sliip Company Limited, Thos & Jas Harrison Litnitcd or of the fomier rim) of Thos & Jas Harrison. or lo thc dcpcndants of such persons. On 2 October 2001 a Cliarity Coinmission Sclicine W<iS sealed and <ipproved and Ihc objccts c)f Ili¢ Charity have bccn cxtci)ded to include making pall¢ntS to Ihosc dcscrviiig pcrsoi)s or dcpcndants empli)yed by or previously employcd by aiiy coiiipany in ilie Charcntc (yroup or rcsidiiigJ in spccific areas in whiLh the CJroup hcid olliccs. 'l-hc name ol'the Fund was also chan¥cd to Tl)c Charcnte Group Bencvolcnt Fund on thc same dale. Trustees are appointcd by thc members ol- the Charity at ils Annual General Meeting. Vacancics occurring bctwccn such meetingis may bc fillcd by a rcsolulion ot. the Board of. Trustccs. A pcrson appointed in this way. wh() wishcs to continue a8 a Irustcc. tnust offcr himllierself for rc-appointtncnt at Ilic ncxt Annual Cjeneral Meeting. -I'l)c iiiiniinum number ()f Iruslccs is 3. All trustccs arc skillcd to carry oui ih¢ir responsibilities however if any lurtl)er trainingtr is identificd il will bc providcd. Objects of the charity The objc¢ls ot Ilic cliarity are to mJkc payments to ncccssilous and dcscrvin¥ person8 cmplnyed by or prcviously employed by any coinpany in ihe C.'l)arenle Group or residing in 5P¢Lifii dreaq in whicl) tl)e Group had ollices. Risk management I'hc Trustees continue to asscss tl)c major risks to which the fund may be exposed relative to stratcgic. opcntional. reLiularity and fiiiancial matters. Together wilh it8 inve%tmeni advi%ors ihe Trustees ensurc tliat the invcstmci)t strategy has a licdvy bias to.ardS liquidity and a high operating ¢ash siirplus is maintained at all ¢imcs. Additional prn¢edurcs1)avc bccn cst<ibli8hed, as required, 10 address tl)e risks faLed by the Cliarity. Invcstments poliey and performance l-hc Trustees have unrcstrictcd invcstinent power8. The pi)rtfc)Iic) is r¢gTuldrly vIewtd hy ihe Trustees in ¢c)njunction witl) independent invcstmciit advisor.8. F.velyn. It i% ihe p()livy ()f tlie Truslees to lollow the reL'C)mmciidation of Ihe invcslmciit advisors and lo mainlain a balanced portfolio. havingF a re&Fard to income and futurc antlLipal¢d Lxpcnditure. The investmei)I pcrforjiiancc is measured <igainst rclcvcint indcxcs published by the ARC. Sicrlingy Balanced Asset PCI Indcx. During the year to 31 December 2023 the Fund's portlolio value on a total rctuni basi.q rose by 7.890/0 (2022.. fell by l 0.90/0) whereas the ARC BalanLed index ro%e by 5.7910/. 12022.. fell by 9.10lty). and ihe ARC (yrowtli index rose by 7.20 /0 12022- fell by l 0.20/0). This was largely an impact from ihe economic climate with inflation already startin¥ to incrcase bcforc Ihc war in Ukraine funher exaLLrl)atcd it. Trustees The I'rtt.4lccs of the Fund during thc year were as shown on page l.
3
THE CHARENTE GROUP BENEVOLENT FUND
TRUSTEES' ANNUAL REPORT
31 DECEMBER 2023 (CONTINUED)
Key management personnel remuneration
The trustees consider the board of trustees and the Chief Executive Officer as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. In addition the Chief Executive liaises with all of the beneficiaries and offers personal and practical support throughout the year. All trustees give of their time freely and no trustee remuneration was paid in the year.
The total remuneration of the single employee is reviewed on a yearly basis by the trustees using their experience as employers of people working within similar industries and similar roles.
Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises. No relevant issues have been registered.
Financial review
The accounts are set out on pages 7 to 15.
The net movement in funds for the year is a surplus of £46,856 (2022: deficit of £373,415). This is due to:
-
a net realised/unrealised gain/(loss) on investments of £146,006 (2022: loss £290,622)
-
charitable payments exceeding incoming resources by £99,150 (2022: £82,793)
Total Capital Investments at the year end of £2,186,441 (2022: £2,111,821)
Endowment Fund £941,365 (2022: £842,851)
Unrestricted Fund £1,317,877 (2022: £1,369,535)
Total Funds £2,259,242 (2022: £2,212,386)
Achievements and performance
The Trustees are satisfied that, whilst continuing to make charitable payments in excess of investment income, the underlying value of the fund remained strong and the current value of the funds are sufficient for the current level of eligible payments. While there has been a general decline in equity values around the world this portfolio has outperformed the market averages. These are reviewed regularly by the Trustees and their investment advisors.
During the year the Trustees made payments of £23,604 (2022: £23,554) to eligible former employees and £8,072 (2022: £10,737) to former employees' widows. The Trustees reviewed the amount of individual payments and made increases where required. The Trustees looked at new applications, advised accordingly and ensured that all eligible employees and their widows knew of the existence of the fund.
During the year the Trustees made donations of £23,283 (2022: £3,300) to Nautilus UK Welfare Fund a Charity that exists purely to provide support to retired and current seafarers and is based at Mariners Park in the Wirral. The Trustees have met with the management of Mariners Park and are satisfied that the donation will go entirely to helping both ex-employees of the group (and their joint venture partners) and other seafarers in the Liverpool area.
Trustee Training and Recruitment policy
Training support and development of trustees, particularly the induction of newly appointed trustees, is undertaken where it is relevant and could increase their effective contribution to the Fund's management.
The Trustees regularly review the procedures for identifying any ongoing training needs.
THE CHARENTE GROUP BENEVOLENT FUND
TRUSTEES, ANNUAL REPORT
31 DECEMBER 2023
ICON'I"INUED}
As the main pu]pose ol- the cliarity is lo support the retired employees and thcir dependants ol. the Charentc
Group, Ihc Trustees arc appointed with a bias towards actual knowledgie of the Group it.%elf, its history and onc
of whoIn who lives or works in the Liverpool area.
Future plans
Thc Trustees propN)se to maintain charitabl¢ payments to qualityinLy individuals in acLordance with ihc tcni)s ol.
the Trust De¥d and Inonilor likely payments againsi futurc reserves.
The Trustees have decided after much consideration that they will makc paymenig that in some year% arc in
exLeSS ol. tliL fund's incoii)e. 'I'her¢ is a deLliningJ agFe profile and iiuiiiber ()r rclircd Ch<1reni¢ (iroup Liiiployee
and tl)eir dcpcndanig and tlic TruNle¢s arc aw<ire ihat tl)is elenient of the P
THE CHARENTE GROUP BENEVOLENT FUND STATEMENT OF TRU¢iTEES' RESPONSIBILITIES 31 DECEMBER 2023 Trustees, responsibilities in relation to the finaneial statements Thc trustees c2re responsible for preparingF tl)e Trustces Report <2nd tl)e fin1( llci<il 8lalcincnts in aLLI)rdancc witli applicable law and United Kingdom Accounting, St<indards (Uniled Kingdom G¢nerdlly Accepled ALCOUllting' Practice). The law appliLtiblc to charities in England and Wale% rcquires thc trustees to prcp?c re linaneial stateinents for Cacl) financial year which gyive a truc and fair view of thc state ()f affairs of ihc ch2( rily and i)f tl)c incoming. resource% aiid c2pplication of resources ot the Charity for that pcriod. In prcparing th¢sc financial sialcmcnts. the Irustccs arc rcquired to.. sclecl suitable accounting polici¢s and then apply Ihetn consistently; bscrve the methods and principles in Ilie Charilics SORP.. tnake judgpements and estitnates that are reasonable and prudeiit; -%tate wl)¢thcr applicable accounting standards l)ave b¢cn followed, subject to any material departurcs disclosed and explilined iii tlie financial 51atemenls and,. preparc tlie financial statements on th¢ going concern basis unless il is inapprnprialc to presunie Iliat the charity will c()ntinue in operation. I'hc tn)st¢CS lire rcspon8iblc for k¢cping proper a¢LountinLi records thai disclose wilh rcasonable accuracy at 1( ny timc tlie Iinancial positii)n ol'the cliarity and cn<ibl¢ thcm lo ensure that Ihc finaiicial %lalcincnts comply will) tlie Cliarities Act 2n I i. tlie Cliarity (Accounts ai)d Reports) RegFulatioiis and thc provisioi)% of Ilic trust decd. They arc <1180 rcspon%iblc for safeguarding th¢ assets of thc cliarEly ai)d henLC for takingF rLasonable %leps for tlie prevention and detection of fraud and other irrcgularilies.
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHARENTE GROUP BENEVOLENT FUND I report lo the trustees on my examination of thc financial slalctncnts of Tlie Charente Group Benevolent Fund I'ihc cli<lrity') f()r thc year ended I l Dcceinber 2023, which lire set Oul ()n pagcs 7 10 15. Responsibilities and basis of report As the trustccs of th¢ cliarity you arc rcsponsible for Ihc prcparation of the a¢counls in accordancc with the requiremeiits ol'the Charilics Act 2011 {'thc 2011 Act.). report in resp¢¢t ot my examitlation ol'the charity's accounts carrEed out undcr scction 145 ofthe 201 I ALt and in carrying nul my cxainin<ltion I havc followed all thc applicable Dir¢Llic)ns givcn by the Charity Commission under 8cclion 145 (5)(b) ol. tlie 2011 Act. An ind¢pci)dcnt exainination doe8 not involve bTaihcriii¥ all the evidence that would bc required in an audit and oiiscquenily docs not L(Ivcr all the Inaltets tliat an auditor Lunsidcrs iii LFiving iheir opinii)ii oli Il)c accounts. The planiiing and conduct of an audit go¢s beyond tl)e liiiiitcd c?ssuf<1nce ihal an indcpcndcnt cxamiiiation can prc)vidc. Con%equcntly, l exprcss no opinion as to wliether ihc accounts present a 'lrue and fair vicw, and Iny report is limit¢d to Ilio.8e spLcific m<lti¢rs 5Ct out in the indepcndcnt examiner's sialemcnt. Indepcndent exAminer'5 Statement l)ave complctcd my cxamination. I continn ihal no Inaterial matters have come to my atiention in connection with tlie examin<ltion gTivin¥ me reasonablc cause to bclicvc thal in any matcrial respect.. accounting rccords were not kept in rcspcct of the ¢harity as required by sectioii 130 of thc 2011 Act.. or tl)e accouiils do not accord with ihc)sc rccords., or 3. Ihc accounts do not Loiiiply with thc applicable rcquircments concerning Ihc fonn and contenl of accoun15 Sct out in Ilic C l)arities (Accountq and Rcports) Regiulaiions 2008 otlier than any requirement that Il)c accounts give a 'lruc and lair view, wliich 15 not a tnatter conqidered as part of an indcpeiident cxamittati()n. I have no LQiiCCrnS and liave come across no otlittr matters in connection with the examinatii)n to which attcntion should bc dr<iwn in tl)is re]K)rt in order to enablc a proper ulldcrstanding ofihe accouiits to be reached. Si¥ncd.. Eekky 66zlkzgkek Ni1me= Kerri, CJAlla%her Naine ()f applicablc listcd body.. The Institute of Chartcred Accountants in England And ,leS Relevanl professional qU<ilifiL1, tioii or mLiiibcrship ol-profcssioiial b()dy- Chartered Accountant On bel)alf of RSM UK Tax aiid Accounting Limiled Cliartered Accountants l)avidson I louse. Forbury Squarc. Reading, Berkshire RCJI 3LU 19 August 2024
THE CHARENTE GROUP BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Fiinds 2023 Endowment unds 2023 Year to Year to -111)eccmber 31 December 202.1 2U22 Note Income Investmenl inLoine Otl)cr income 29.408 7.348 29.408 7,348 33,085 2,055 'I'o¢AI income 36,756 36.756 35,140 Expenditure CfJ.¥l (!fpiii.fin&'.liincl.I Investment manaLTremenl costs 8,411 7,795 16,206 16.718 F.xpcnditure on Charitable activities 119.700 119,700 101.215 'rotal expenditure 7,795 135,906 117,933 Net expenditure net movements in fund5 before gaiD5 and (losses) on investment5 {91,355) {7.7951 (99.150) {82.793) Nel gyainl(loss) on invcsltnent as%els 39,697 106,309 146.000 {290,6221 Net movement in funds 151.658) 98,514 46.856 {373.415) Reconciliation of funds Fund balances broughi forward l January 1,369,535 842.851 2.212.386 2,585,801 Fund balances c*rried forward 31 December 1,317.877 941.365 2,259,242 2,212.386 All the results shown rclate wholly to continuing activities.
THE CHARENTE GROUP BENEVOLENT FUND STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Invcstmenls 2.186,441 2.111.821 Current assets Dcbtors Cash at bank and in hand 2.415 82,349 2,287 109.480 84.764 11,767 Creditors." ainounts falling, duc witliiii one ye&ir (11.9631 {11,20?) Net eurrent Assets 100,565 Total assets less current liabilities and net assets 2,259,?42 2,212.386 Flld of the charity UnreslriLtcd Endowment 10 10 1,317,877 941,365 1,369,535 842,851 otal Charity funds 2,?59,242 2,212.386 Approved and autliorised for issue by the-frustees on 13 AugTrust 2024 and sigined ()n their beliaif by.. R A Pilkin¥lon Truste¢ The notes on pagcs 9 to 15 lorni part of these accounts.
THE CHARENTE GROUP BENEVOLENT FUND NOTESI TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 Accountin% policies Basis of accounting Tl)¢ Iiiiancial %tatcinent% havc been prcpared in aLcordance willi applicable acLounlingJ sland1( rds under the hisloriLal convenlion witli asscls and liabilitics initially rccog?nised at historical cost excepl for certain invcstmenls wl)ich ar¢ hcld at markct valu<ltion, as stalcd in the relcvant notes lo thes¢ accounts. Thc finilncial Statement are prepared in sterling, which i% thc functional currcncy of the enlily. Monetary llmounls in these financial %latcinents ar¢ rounded to the ncarcsl £. The financial statements have becii prepared in accordancc with the reconitncndations of Ilic Sialcincnt of Recoininendcd Practice 'Accouiiling and Rcporting by Ch11 rities., preparii)gJ their accounts in accnrdancc will) tl)e Finaiicial Reporting Standard <lppli¢ablc in tlie UK and Rcpublic of Ircldnd {FRS102) (effeLtivc l OLtI)hcr 20191. ICI)arities S()RP IFRS10211 and Il)e Cl)arilics Act 2011. I'he principle <lCL()untinL policics ad()ptcd in iht prcpciralion c)f tl)c accouniing, policics are set ()ut bclow. Tlie Cliarity ha% takcn advantage of Ilic provi81()ns in the SOIIP for Cli<irities applyiiigF FRS102 Update Bullclin I not to prcpare a Siatcment of Cash Flows. The fii)ancial statcmenls l)ave be¢n prepared to give a 'iru¢ and lair. wi¢w and l)ave departeil from the Charilics (Accounts and Rcport%l Rcgulations 2008 only to the exlenl rcquircd to pmvide a 'true and fair vicw,. Tlie Irusl conslilulcs a public benefit cntity as dcfincd by FRS 102. The Charity is c2n unincnrpi)ratcd charily, coi)stilulcd under d trust deed dated 2 July 1951 and is a registered Lharity, nuinber 207151. Going Concern -nic Iru%tccs liavc a reasonable expcctation ihal the charity has adequat¢ resource8 lo continue in oper<lti()nal exislcnce for Ihc fore%¢cablc future nd thu.% the truslees havc concluded tl)at it is apprc)priate io prepare ihc acLOUllts oil a gFoiiigJ concern basis. The Trustces can if nccessary reduce the ainounl of charitable expciiditure if lonLI tenn rcserve% dimiiiish. In rcspecl of the invcstmenls Ilie truslccs decided lo keep onc years expenditurc in cash %() as to tlc ke pressurc olf th¢ pcrlomiaiice of ils investments. In letms of beneficiaries the Cl)iel Lxccutive orriLer has bccn in rcgFular Lontacl willi them Iv cl)eck nn Ilicir well-heingF aiid has takcn a pro<lCtive %t¢lllLC in lookiiigTr for any polenlial beneficiaries tl)at Inay be suflcring frc)m Ihc pandemiL or ihc wider l()ck down pro¢¢ss. Income reco2nition All inLoinc is COgnised once ih¢ charity lias cntiilemcnt to the inLomc, it is probablc tl)at the income will be rcceived and tl)e atnounl ol- income Lan be measurcd reliable. Inveslmcnt and intcresl income is accounted for in the accounting period iii whi¢h il is receivable. The Capital Fund rcpresents the assets with which Ihc Fund wa5 endowed, and is included within F.ndC),InenI I,unds. F.xpens¢s recognition Liabilitie% are reLI)g?i)ised a8 rcsourL¢.s cxpended as soon as there is a legFal or construLtiv¢ obligation cominilting tl)c Charity lo thc expenditure. F.xpcnditur¢ is accounted for on acLruals basis. All cxpenscs inLluding support c(Jsts and b?nvcmance costs are allc)catcd or appi)rtioncd to tlie appli¢ablc expendilurc Iieadin¥s.
io THE CHARENTE GROUP BENEVOLENT FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 202.1 (CONTINUED) Governance costs Governaiicc costs comprise all cosls involving the public accountability of tl)e Cl)arity and its complianLc with regulation and good praLticc. RealiqedlUnreAlised gains and losses All ¥ains and Ii)%%LS rc taken ic) tlic Statement of P inancial Activities as they ari%¢. Rcaliscd g?( ins ai)d lo%%¢s on inveslmellts are calculal¢d as tl)e differenL¢ bclwecn sales pmceeds and tl)¢ir upcnin¥ carrying value or thcir purchasc value if acquircd subsequenl lo Ihc Iirst day of the financial year. Unrealiscd gain.% and losseq are calculated aq ihc ditycrence beiw¢cn thc fair value at the year eiid and thcir carrying value. Realiscd and unrr¢iliscd inveslni¢nt ¥ains <ind losqe% arc cumbincd in the Staleiiient of F inanLial Activities Irrecoverable VAT Irrccoverable V AT is Chargcd against ihe calcgFOry of resources cxpcnded lor which il iq incurred. Fixed asset investments Thc Benevolcnt Fund's invcstments are divided between Capital and Income Funds. 'I'he Capital Fund rcpre%ents tlic assets with which Il)¢ fund waq endowed, and is included wiihin I'ndowmcnt Funds. The Inconic l.uiid represciits tlie exuess of iiicome over cxpcnditure since Ihe I,und's inccplion. Surpluse8 ()r dclicits arisiiig on the disposal of investmcnts arc dealt with in the P'und lo which thc investments concerned bclong. Fixed assct ii)vestmenls are stated al market valu¢. Quotcd investments are valucd at tnid market price on the balancc sheet datc. Quoted invcstmenls arc listed on a recognised glo¢k exchange. Funds Structure The Cl)arity has a single pern)ancnt cndowmenl lund. UnrestriLlcd ii)coine funds coinpri%e Iliose tunds which the tNstees are free lu usc for any purpose in lurthcraiice ol. the charitable aLlivities. TaxAtion -l-lic cl)arily ]% cxcii)pt from tax on incoine and g?2( ins f<illingF within Part I l of the Corpc)ralic)n l axcs Act 201 O or qeLlioii 256 of the Taxation ol Cliarit<ible Gains ALI 1992 to the extent that Ihcsc arc applied to its cliarilablc objects. Debtors Otlier debti)rs are recogFniscd at the setilctncnt ainouni du¢. Pr¢paytnents are valued at the amount prepaid nct of any discounts due. Cash and cash equivalents Cash and cash cquivalents include Lash iii l)and, deposits hcld at call with banks, and other short-terni liquid invcstmenis with original Inaturities Orth tnonihs or less.
THE CHARENTE GROUP BENEVOLENT FUND NOTES TO THE AC.COUNTS YEAR ENDED 31 DECEMBER 202.1 {CONTINUED) Tr'inancial instruments Thc trust only l)as financi<il assets ai)d financial liilbilities of a kind ihat qualify as basie finanLial insiruments. Basic financial iiistrumcnts are ittitially r015¢d at transaction value and subsequently Inea%ur¢d at tlicir settlement valuc. Critical Accountin% Tr.s¢itllates and Areas of Judgement There arc no sigynificant ¢5titnates and judgements atlccting tl)e financial st<ltements. Investmcnt income Unreslricted Endowment nds Total 202.3 To¢01 2n22 Listed investmcnt income - dividcnds 29,408 29.408 33,085 In 2022, all £33.085 invcstment inLomc was attributable lo UnstriCted fuiids. Charitable expenditure Unrestrictcd Endowment Funds Ftsnds Total 2023 Total 2022 Note DireLi cxpcnditure- Paymenis to lonner employees Payinents to widows uf fomer cmploye&q Naulilus Welfare donation 23,604 23.604 23.554 8.072 23,283 8.072 23,283 10.737 3.300 54,959 54,959 37,591 Support costs Governance cosls 59,931 4,810 59,931 4,810 59,244 4,380 I l (J,700 119,700 101.215 AII 2022 ¢xp¢nditure was from Unrestri¢led Funds.
12 THE CHARENTE GROUP BENEVOLENT FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 DEC.EMBER 2023 (CONTINUED) Investment Management Costs Unrestricted Lndow'nient Funds Tr'unds Total funds 202.3 I'otal fiinds 2022 ManagF¢mcnt Costs 2023 8,411 7,795 16.206 ManaLiemenl Costs 2022 8,673 8.045 16.718 AIIoc8tion of support & governAnce costs ChAritable activities Total 2023 Total 2022 Governance Salarics and pension Indep¢ndcnt ex<iminalio Legial and prolesqional fecs Trustccs liability insurance PoslagTC, Statinnery, Iclcphone, Iravcl. coinpuler aiid rcnt Bank chargieg 45.837 45,8.37 4,810 35 3,033 45,729 4,380 35 3,044 4,810 35 3.033 10,979 47 10,979 47 10,34 90 59,931 4.810 64.741 63,624 Trustees havc claimed £872 {2022..£nil} for altcnding meetings and reccivcd no oihcr rctnuneration tor their scrvices. Staff Costs 2022 Wages and Salaries .Inploycrs Social Security Costs Oiher l)ension Costs Health Insurance 33,287 3,3.38 5,912 3.300 33,287 3,516 5,912 3.014 45,837 45.729 Key managcmenl personnel comprise the tn]stee% and the chicf executiiie. Key management personal remuncration in¢ludin¥ cmpli)yers Nation<il In8uranLC Contributions amount to £45,837 (2022: £45.729). I'hcrc waq I member of staff employed during the year (2022.. 1). No cmployccs rcccived employce bencfits of morc Il)1( n £60,(K)O.
13
THE CHARENTE GROUP BENEVOLENT FUND
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2023 (CONTINUED)
5 Allocation of support & governance costs (continued)
| Independent Examiners remuneration | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Independent Examiners services | 4,810 | 4,380 | |||
| 4,810 | 4,380 | ||||
| 6 | Net gains/(losses) on investment assets | ||||
| Unrestricted | Endowment | Total | Total | ||
| Funds | Funds | funds | funds | ||
| 2023 | 2022 | ||||
| £ | £ | £ | £ | ||
| Net realised/unrealised gains 2023 | 106,309 | 39,697 | 146,006 | ||
| Net realised/unrealised (losses) 2022 | (152,522) | (138,100) | (290,622) | ||
| 7 | Investments | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Quoted investments | |||||
| Opening market value at I January | 2,l l l,821 | 2,338,078 | |||
| Additions at cost | 435,087 | 957,480 | |||
| Disposal proceeds | (506,473) | (893,115) | |||
| Net realised/unrealised gains/(losses) | 146,006 | (290,622) | |||
| Market value at 31 December | 2,186,441 | 2,111,821 | |||
| Historic cost | 1,930,722 | 2,007,454 | |||
| Quoted Investments at market value comprised: | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| UK Fixed Interest Securities | 157,075 | 75,174 | |||
| UK Equities | 724,177 | 682,751 | |||
| Overseas Equities | 791,138 | 801,485 | |||
| Overseas Fixed Interest | 190,470 | 132,220 | |||
| Commodities | 87,662 | 81,726 | |||
| Hedge Funds | 235,919 | 322,548 | |||
| Property | 15,917 | ||||
| 2,186,441 | 2,111,821 |
14 THE CHARENTE GROUP BENEVOLENT FUND NOTE.S TO THE ACCOUNTS YEAR ENDED 31 DEC.EMBER 2023 (CONTINUED) Investments (continued) All invcstmenls are primarily hcld to provide and invesltncnt retum. All investiiients re Larried at tliLir rair value. Asset sal¢s and purcl)ases arc reL(IgFI]ised ai thc dale ()f tradc al L(i%l {Iliat is Il)eir Iraiisaclini) valuc). Unrcstricted fund8 Lomprise those fuiids whilh the tnJ8lees are free lo use in acLI)rdance with the Lharitablc objects. 'rhc Trnslccs conduct a tliorouLili risk analysis in ¢oiijunction witl) their invcstment i)ianagers Evelyn at each of Ihcir Tru8tccs m¢ctings. C'rcdit. liquidily and market risks are di%cussed and Il)c Trustee% ¢iisurc tli<l1 tlierc is appropriatc Cclsh Iioldinuy of bLtween 9 and 12 Inonilis ca81? held in major clcaring. bai)ks iii ord¢r to en%urc that all paymcnts in thc short Icnn can bc Inade. C".rcdit risk8 arc c?llc?lysed alongTr wilh Inarkct risks and tl)c fund iiivests a very higli proportioii ofits assets in l)igFli liquidity l.-I-SE 100 slc)cks or Ihcir inlcr])<ltional equivalcnts. Only a minimal proportion is invesleil funds that do not l)ave immediate dislribuliun upon Sale and the Truslces intend to b()Ili analysi% and pursue this low risk strategy. Debtors 2023 2022 Otlicr debtors 2,415 2,287 2.415 2,287 Creditors: amounts falling due within one year 2023 2022 Other lax and social security Oil)er Lrcditnrs 1.457 10,506 1,434 9,768 11,903 11,202 Analysis of charitable funds Movement in resources: Balance at l January 2023 Balsnce at 31 1)eccmbei 2023 Incoming Expenditure Gain Permanent endow'mcnt Capildl Fund 842.851 (7,795) 106,309 941.365 Unrestricted Fund 1.369,535 36,756 (128,111) 39,697 1,317.877 2,212.386 36,756 { IJ5,9061 146.006 2.259,242
15 THE CHARENTE GROUP BENEVOLENT FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 (CONTINUED) Movement in resources.. Balanee at l January 2022 Halance at 31 Decembei 2022 Incoming Expenditure (Loss) Permanent endowment C<lPltal l.uiid 988.999 18.045} {138.Ino) 842.851 UnrestriLtcd Fund 1.596,805 35,140 {109.888) (152.522) 1,369,535 2,585.801 35.140 (117,933) 1290.622) 2,212,380 Analysis of net as5Cts between funds Net Current Asset5 Total 2023 Total 2022 Investments F.ndowinent l."unds Unrcstricted Funds 1.093.765 1,092.676 {152.400) 225.201 941.365 1,317,877 842.851 1.169,535 2,186,441 72.801 2,259,242 2.212.386 Nct Current Assets 'rotal 2022 Total 2021 lllvestments Endowinent I'unds Unrcstricled I'unds 1.020.110 1.091.711 {177.259) 277.824 842,851 1,369.535 988.996 1,596,805 2,111,821 100,565 2,212,386 2.585,801 Purpose of funds The cl)arity has a single peTillc2nent endowmcnt fund. Unrcstricted funds comprisc thosc funds which the truslee% arc free lo usc in acLordaiicc with lh¢ charitable objeLIs. 12 Related Party Transactions 'Ilic cliarily lias had no rclated party trdnsaclioiis lor the year endcd 31 December 2023 (2022.. £nil).